What is behind the priority heuristic? A mathematical analysis and comment on Brandstätter, Gigerenzer, and Hertwig (2006).

@article{Rieger2008WhatIB,
  title={What is behind the priority heuristic? A mathematical analysis and comment on Brandst{\"a}tter, Gigerenzer, and Hertwig (2006).},
  author={Marc Oliver Rieger and Mei Wang},
  journal={Psychological review},
  year={2008},
  volume={115 1},
  pages={
          274-80
        }
}
Comments on the article by E. Brandstätter, G. Gigerenzer, and R. Hertwig. The authors discuss the priority heuristic, a recent model for decisions under risk. They reanalyze the experimental validity of this approach and discuss how these results compare with cumulative prospect theory, the currently most established model in behavioral economics. They also discuss how general models for decisions under risk based on a heuristic approach can be understood mathematically to gain some insight in… CONTINUE READING
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